The combined market valuation of India’s top 10 most-valued companies eroded by a staggering Rs 495061 crore last week reflecting a sharp selloff in equities. Among the top losers were Tata Consultancy Services (TCS) and Reliance Industries which recorded the most significant declines. This downturn coincided with a 4.98% drop in the BSE benchmark which fell 4091.53 points marking its steepest weekly decline since June 2022. Similarly the Nifty index lost 4.77% during the week with market sentiment dampened by the US Federal Reserve’s policy announcement and its implications on global markets. Reliance and TCS Lead Market Cap Losses Reliance Industries led by Mukesh Ambani continued its downward trajectory witnessing a substantial erosion in market valuation. Over the five-day trading period (Monday to Friday) Reliance’s market cap plunged by ₹91140.53 crore reducing its valuation to ₹1632004.17 crore. Similarly Tata Consultancy Services (TCS) also experienced a sharp decline driven by bearish trends across the market. These two corporate giants contributed significantly to the overall slump in the valuations of India’s largest companies. The market capitalisation (mcap) of Noel Tata led Tata Consultancy Services (TCS) slumped Rs 110550.66 crore to Rs 1508036.97 crore. Steepest Weekly Decline The equity selloff is the steepest India has witnessed in over a year attributed to a shift in investor sentiment following global cues. The US Federal Reserve’s stance sparked concerns about potential interest rate hikes fueling a risk-averse environment in financial markets. This decline underscores the vulnerability of even the largest companies during turbulent market conditions as external factors continue to shape investor confidence. HDFC Banks market valuation eroded by Rs 76448.71 crore to Rs 1354709.35 crore and that of Bharti Airtel tanked Rs 59055.42 crore to Rs 898786.98 crore. The mcap of State Bank of India plunged Rs 43909.13 crore to Rs 725125.38 crore and that of ICICI Bank diminished by Rs 41857.33 crore to Rs 907449.04 crore. The valuation of Infosys plummeted Rs 32300.2 crore to Rs 798086.90 crore and that of Life Insurance Corporation of India (LIC) fell by Rs 20050.25 crore to Rs 569819.04 crore. Hindustan Unilevers mcap declined by Rs 12805.27 crore to Rs 548617.81 crore and that of ITC went lower by Rs 6943.5 crore to Rs 581252.32 crore. (With inputs from PTI)